Snap is eyeing a range of $17 to $18 per share for its upcoming IPO, sources told CNBC on Tuesday.

Underwriters in the IPO have communicated the $17 to $18 per share range to some investors, saying that this is where the deal will likely price, although nothing is certain at this time.

That would put the public offering above its range and value the company at $25 billion, sources said. Shares of the ephemeral messaging and augmented reality company are expected to hit the public market on Thursday.

A final decision will be made tomorrow on the price of Snap's IPO. A representative from Snap declined to comment on the pricing discussions.

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CEO and co-founder of Snapchat Evan Spiegel

The IPO comes as more big technology companies are opting to stay private, giving investors fewer options to get in early at fast-growing firms. Proceeds from the U.S. IPO market were only $18.8 billion last year, according to Renaissance Capital, down from $86.6 billion in 2014.

Snap has been selling CEO Evan Spiegel as a visionary in its meetings with investors, focusing on its advertising business and high engagement levels with young users in wealthy regions. But while the young company's revenue grew almost sevenfold from 2015 to 2016, to $405 million, its losses also widened to $514 million from $373 million in the same period, according to its investor filings.